Expenses to Consider Before Moving

When most people think about moving, they think about whether or not they can afford the new mortgage payment or rent amount. This is, of course, a key consideration because if you can’t pay the price, you might not be able to make the move. However, there are other expenses related to moving that many people do not think about until they have already signed their contract and are ready to hire movers to haul their belongings to their new home. These expenses can sneak up on you if you aren’t careful, so it is best to prepare for them ahead of time just to make sure you can afford them. 1. Rental deposit – If you are renting a house or an apartment, be prepared to pay rent for both the first month and the last month at the time you sign the lease. Landlords do this as insurance that you will follow the rules on the lease and give at least 30-days’ notice before moving out. What this means for you is that you will need twice as much money to move in than what you will be paying monthly. It is also recommended by professional movers that you have a minimum of three months’ worth of rent in a savings account just in case you suffer an emergency that keeps you from earning money. 2. Damage deposit – Again, this is primarily for renters. Before you move in, you will have to provide the landlord with a damage deposit that will cover any damage done to the property while you are living in the unit. This is an amount you will get back at the end of your lease if you do not damage the property; however it is best to find out what the landlord considers normal wear and tear before you sign the lease so you can get back the entire amount. 3. Pet deposit – If you have pets, you will typically be required to pay a pet deposit in a rental situation. This will cover any damage to the unit that occurs because of your pets. 4. Utilities deposit – This is an expense that both renters and owners will have to deal with. The majority of utility companies want a deposit from customers who have never had an account with them. You will also probably have to pay a connection or administration fee to have the utilities put in your name. You can find out how much you will be charged by contacting the utility companies in your new area. 5. Parking – Many apartment complexes require a parking fee that you will pay each month, but when you first move in, you might have to pay the first and last months’ fees just as you do the rent. Be sure that these costs are calculated into your budget. If you don’t have a vehicle, you might be able to rent out your space to another tenant, but be sure to ask your landlord before you do this to make sure you don’t get in trouble.